Nortel: Ciena Gets Canadas Approval to Buy MEN

Ciena Corp. (CIEN) this week received approval from Canada’s industry minister to complete the $769 million purchase of Nortel Networks’ Metro Ethernet Networks (MEN) unit.

Ciena in mid-November beat Nokia Siemens Networks for the division of insolvent Nortel.

Tony Clement said in a statement late Tuesday that Ciena’s takeover will “maintain jobs, R&D activity and corporate leadership in Canada.”

Ciena already has secured permission from bankruptcy courts in the United States and Canada to make good on its MEN bid, which consisted of $530 million in cash and $239 million in convertible securities. The deal is expected to close in the first quarter of 2010.

Nortel declared bankruptcy on Jan. 14, 2009.

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